, Columnist
Goodyear Blimp Goes Limp as a Symbol of Innovation
While the ship has its fans, it’s an airborne reminder of the company’s stodginess.
Time to land.
Photographer: James Gilbert/Getty Images
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Goodyear Tire & Rubber Co. has struggled for more than a decade while a couple of its competitors — Bridgestone Corp. and Cie Generale des Etablissements Michelin SCA — have performed well. The underperformance attracted the eye of Paul Singer’s Elliott Investment Management, which built a 10% stake in the 126-year-old tire maker last year.
In November, Goodyear succumbed to Elliott’s pressure campaign and announced that it would adopt a turnaround plan and replace Rich Kramer, who ran the company for almost 14 years and kept many of its traditions afloat, including the iconic Goodyear blimp.